As we move into 2021, coping with lingering effects of the COVID-19, how has the SADC region turned things around with digital banking transformation?
- Emphasis has been on self-service, process decentralising andalternate channels such as kiosks, mobile banking applications including USSD, internet banking and social media banking.
- Seen an increase in automation of Backoffice operations, growth in the volumes and value for mobile remittances, digital mobile payments,money transfers P2P and P2B as well as digitizing traditional and informal banking methods such as village banking’s, ROSCOS and SACCOS.
What are the emerging technologies or innovations that you think will become crucial in 2021 across the SADC region?
- BaaS (Banking as a Service)- third parties directly connecting and building products over the bank’s infrastructure.
- Adoption of social media payments with integrations into such mobile app payment platforms such as apple pay, Samsung pay.
- AI to offer smarter lending options, customer-business interaction.
- Blockchain is making it easier to detect fraud, eliminate risks, improve efficiencies and reduce operational costs.
- Managed services – Cloud technologies or usage that reduces on CAPEX and offers security for non-premise set-ups.
In the context of smart banking, how are Southern African banks responding to the market realities of a digital universe across the board?
- Adopting AI to provide feedback to customers and offer self-service
- As fraud systems advance, using Machine learning and A.I helps detect and correct risk areas immediatelycorrect them accordingly (Predictive analysis).
- Being more customer centric through service delivery, product offering and provision of customers with various channels and platforms to access services conveniently this includes, social media banking, mobile applications, alternate banking channels (Kiosks), through apps, wallets, express agents.
AI and Robotics, Blockchain, Data-science, Digital Engagement and CRM, Financial Inclusions – Which area has noted most promising adaptation in terms of innovation and digital transformation?
While each area has its own advantage, Data Science takes the crown. It embodies the study of mass volumes of data to derive meaningful information. This information coupled with Machine Learning Algorithms and impact analysis means better business decisions can be made towards what areas need improvement hence innovating them and the impact of that the selected innovation if implemented will have on the target audience.
What is the Future of Digital Payments and Fintech Innovation in SADC?
We are in a phase shift, the advent of digital wallets and banking apps will accelerate the use of digital currencies which are more effective and convenient than physical currencies. Money will begin to rotate amongst banks as more industries such as transport, health and agriculture begin to adopt digital payments as a main mode of payment.
How would you think attendees will benefit by attending the3rdAfrica Bank 4.0 Summit – SADC Region?
They will gain:
- The awareness of what potential digital banking and payments have towards creating a more secure, convenient and reliable banking experience.
- Identification of areas worth exploiting to promote digital payments as another way to curb the pandemic.
- Identification of potential partnerships and solutions needed to be delivered.